Seamec spurts after securing contract for deployment of vessel

Seamec was locked in 5% upper circuit at Rs 178.85 at 10:30 IST on BSE after the company said it entered into a contract for charter hire of vessel with IGOPL Offshore.

The announcement was made after market hours on Friday, 5 January 2018.

Meanwhile, the S&P BSE Sensex was up 187.98 points, or 0.55% to 34,341.83. The S&P BSE Small-Cap index was up 133.46 points, or 0.68% at 19,838.38.

On the BSE, 1,048 shares were traded in the counter so far, compared with average daily volumes of 5,634 shares in the past one quarter. The stock had hit a high of Rs 178.90 and a low of Rs 174 so far during the day. The stock hit a 52-week high of Rs 194 on 7 August 2017. The stock hit a 52-week low of Rs 78.35 on 3 February 2017.

The small-cap company has equity capital of Rs 25.42 crore. Face value per share is Rs 10.

Seamec said that the company has entered into a contract for charter hire of vessel 'SEAMEC III' with IGOPL Offshore for undertaking a job in Mumbai High Offshore. The charter is for firm period of 100 days with option for extension. The contract will commence around 10 January 2017. The value of charter during firm period is $2.4 million.

Seamec reported net loss of Rs 6.65 crore in Q2 September 2017, lower than net loss of Rs 20.22 crore in Q2 September 2016. Net sales rose 41.3% to Rs 34.23 crore in Q2 September 2017 over Q2 September 2016.

Seamec is a leading provider of diving support vessel (DSV) based diving services. The company has experience in ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production. Seamec also provides utility services.

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